Dec E-mini S&Ps (ESZ17-0.40%) this morning are down -0.29% and European stocks are down -0.59% at a 2-week low. A sharp reversal in the Nikkei Stock Index which soared to a 25-3/4 year high only to erase its gains and drop -0.20% has undercut other global bourses. Also, weakness in mining stocks is weighing on global stock indexes with Dec COMEX copper (HGZ17-0.61%) down -0.63% to a 4-week low. European stocks failed to garner support from the European Commission's upbeat assessment of the economy after it raised its Eurozone 2017 GDP forecast to 2.2% from a May estimate of 1.7%. Asian stocks settled mixed: Japan -0.20%, Hong Kong +0.79%, China +0.36%, Taiwan -0.70%, Australia +0.55%, Singapore +0.08%, South Korea -0.20%, India +0.10%. Japan's Nikkei Stock Index retreated from a 25-3/4 year high and close lower on technical selling prompted by a fall in USD/JPY to 1 week low, which is negative for Japanese exporters.

The dollar index (DXY00-0.32%) is down -0.33%. EUR/USD (^EURUSD) is up +0.32% after eh European Commission raised its Eurozone 2017 and 2018 GDP estimates. USD/JPY (^USDJPY) is down -0.51% at a 1-week low.

The European Commission raised its Eurozone 2017 GDP forecast to 2.2% from a May forecast of 1.7% and the fastest pace of expansion in 10-years, and raised its Eurozone 2018 GDP forecast to 2.1% from 1.8%.

ECB Executive Board member Coeure said "nothing" justifies the end of ECB monetary support yet and the ECB will keep providing support until the Eurozone economy cab stand alone.

The German Sep trade balance widened to a surplus of 24.1 billion euros, higher than expectations of +22.3 billion euros and the largest surplus in 6 months. Sep exports fell -0.4% m/m, less than expectations of -1.3% m/m. Sep imports unexpectedly fell -1.0% m/m, weaker than expectations of +0.3% m/m.

China Oct CPI rose +1.9% y/y, stronger than expectations of +1.8% y/y and the fastest pace of increase in 9 months. Oct PPI rose +6.9% y/y, stronger than expectations of +6.6% y/y and matched September as the fastest pace of increase in 7 months.

Japan Sep core machine orders tumbled -8.1% m/m, weaker than expectations of -2.0% m/m and the largest decline in 3-1/3 years.

SolarEdge Technologies (SEDG +0.15%) rallied over 12% in after-hours trading after it reported Q3 revenue of $166.6 million, higher than consensus of $159.2 million, and then said it sees Q4 revenue of $175 million to $185 million, well above consensus of $146.9 million.

Twilio (TWLO-1.94%) rose over 2% in after-hours trading after it said it sees Q4 revenue of $102.5 million to $104.5 million, above consensus of $98.6 million, and then said it sees full-year revenue of $386.5 million to $288.5 million, better than consensus of $374 million.

Achaogen (AKAO +3.01%) dropped 6% in after-hours trading after it said it ended Q3 with cash and cash equivalents of $199.4 million versus $230.3 million at the end of last quarter.

Bristow Group (BRS-0.11%) surged 17% in after-hours trading after it reported Q2 operating revenue of $358 million, better than consensus of $348 million.

Energous (WATT +0.27%) lost nearly 3% in after-hours trading after it reported a Q3 adjusted Ebitda loss of -$7.9 million, a wider loss than consensus of -$7.2 million.

SRC Energy (SRCI +0.55%) fell 7% in after-hours trading after it filed to sell 35 million shares of common stock.

Maiden Holdings Ltd (MHLD +0.60%) tumbled 16% in after-hours trading after it reported an unexpected Q3 operating loss of -66 cents per share, weaker than consensus of a profit of 9 cents EPS.

Otonomy (OTIC-1.75%) catapulted over 110% higher in after -hours trading after its Otividex drug met its primary endpoint in a Phase 3 study of patients with Meniere's Disease with no drug-related serious adverse events observed.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17-0.40%) this morning are down -7.50 points (-0.29%). Wednesday's closes: S&P 500 +0.14%, Dow Jones +0.03%, Nasdaq +0.40%. The S&P 500 on Wednesday closed higher on strength in technology stocks that pushed the Nasdaq Composite Index up to a new record high. Stocks were also supported by comments from Senator Cornyn, the number two Republican leader, who said Senate tax writers plan to release their tax plan on Thursday, which bolstered hopes that a tax reform plan can be passed this year.

Dec 10-year T-note prices (ZNZ17-0.09%) this morning are down -3 ticks. Wednesday's closes: TYZ7 -5.50, FVZ7 -2.75. Dec 10-year T-notes on Wednesday closed lower on hawkish comments from Fed President Harker who said he has "not at this point" seen anything that would change his mind from raising interest rates next month. T-note prices were also undercut by supply pressures as the Treasury auctions $62 billion of T-notes and T-bonds this week in its quarterly refunding.

The dollar index (DXY00-0.32%) this morning is down -0.317 (-0.33%). EUR/USD (^EURUSD) is up +0.0037 (+0.32%) and USD/JPY (^USDJPY) is down -0.58 (-0.51%) at a 1-week low. Wednesday's closes: Dollar Index -0.047 (-0.05%), EUR/USD +0.0008 (+0.07%), USD/JPY -0.14 (-0.12%). The dollar index on Wednesday closed lower on the decline in USD/JPY to a 1-week low on long liquidation pressure after it posted a 7-1/2 month high Monday. The dollar was also undercut by the projection from the CBO that the U.S. House tax bill will add $1.7 trillion to the U.S. deficit over 10-years.

Dec crude oil (CLZ17 +0.11%) this morning is up +15 cents (+0.26%) and Dec gasoline (RBZ17 +0.21%) is +0.0093 (+0.51%). Wednesday's closes: Dec WTI crude -0.39 (-0.68%), Dec gasoline +0.0060 (+0.33%). Dec crude oil and gasoline on Wednesday settled mixed. Crude oil prices were undercut by the unexpected +2.237 million bbl increase in EIA crude inventories (vs expectations of -2.5 million bbl) and the +0.7% increase in U.S. crude production in the week of Nov 3 to a 46-year high. Bullish factors included the -3.312 million bbl decline in EIA gasoline stockpiles to a 2-3/4 year low (vs expectations of -1.85 million bbl) and the -3.359 million bbl drop in EIA distillate supplies to a 2-1/2 year low (vs expectations of -1.0 million bbl).

About the author

Barchart U.S. Morning Call is written by the experienced members of the Commodity Research Bureau and the Barchart Research Team. Commodity Research Bureau (CRB) has been providing research to the financial and commodity community since 1934. If you have any questions for our analysts, please contact us at support@crbtrader.com.

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